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DTN Closing Livestock Comment 04/16 16:19
   Lean Hog Futures Rebound With Triple-Digit Advance

   May through August lean hog futures closed sharply higher thanks to
aggressive short covering and ideas of tightening live supplies over the next
quarter or so. Live and feeder cattle contracts finished moderately higher as
traders positioned ahead of late-week cash news.

By John Harrington
DTN Livestock Analyst


   The cash cattle trade was limited to a few scattered deals in the North at
$240, near unchanged with last week's weighted average basis Nebraska.
Generally speaking, bids were few and far between, essentially ignoring for the
moment asking prices around $149-$150 in the South and $242 to $243-plus in the
North. According to the closing report, the Iowa hog base is $2.64 lower
compared with the Prior Day settlement ($113.00-$116.00, weighted average
$114.89). Uninspired by the hot bean trade, corn futures settled 4-6 cents
lower, perhaps pressured by the combination of commercial selling and
retreating wheat values. Equities climbed for a third session after U.S.
industrial production rose more than projected, Yahoo's earnings topped
estimates, and Fed Chair Yellen reiterated the central bank would keep up its
backing of the recovery. The Dow closed 162 points higher with the Nasdaq
positive by 52.
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